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How to trade in forex ?

Forex or Foreign Exchange is where we exchange our currencies.Like if you are in India you use Rupee but when an American is coming to India he had currencies in dollar.To use his money for buying something in India he has to convert his dollars into rupees.When he do so he is exchanging currencies.Now say he had converted 1 dollar for Rs.46 .When he was returning to America he converted the remaining amount of Rupees into dollars as he will have no use of the rupee in America.Now he converted Rs.46 for $1.2.That means he had earned (1.2-1); $0.2 just for exchanging currencies.If he had exchanged 10000, his profit would be 0.2´10000; $2000.

In forex, people actually buys currencies with their currency and sell them when the exchange rate becomes higher.This simple logic has helped many people to quit their dayjob.As you see physical labour required in this kind of business is minimum.Just a thorough knowledge of forex and some years of experience can make you successful.Before beginning to trade you will need a trading platform.Where you will buy or sell unit of currencies.The rate of each unit in different currencies(dollar : euro etc.) will decide your profit.Say if you buy 1 unit for $1 and sell it for $1.4 then you will make a profit of $0.4.More unit you transact in the market, more profit will you make.The unit of currencies is similar to share or stocks.The only difference is that you have to keep an eye on buying or selling rate of currencies,instead of stocks.

The trading platform here act like a demat account.The trading platforms will help you to buy and sell units in different currencies,show the present exchange rate of exchange,email you suggestions,allow you to practice trade with practice accounts.So that you have no problem trading in the real market.But for this service they will charge you a percentage of your earnings.

Reposted from http://www.baipatra.ws/a_review_of_eforex_trading_platform.html

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